Q3 2023 Earnings Forecast for Alta Equipment Group Inc. Issued By Northland Capmk (NYSE:ALTG)

Posted by Defense World Staff on Sep 18th, 2023

Alta Equipment Group Inc. (NYSE:ALTG – Free Report) – Stock analysts at Northland Capmk lifted their Q3 2023 earnings per share (EPS) estimates for shares of Alta Equipment Group in a research report issued to clients and investors on Thursday, September 14th. Northland Capmk analyst E. Jackson now expects that the company will post earnings of ($0.01) per share for the quarter, up from their previous forecast of ($0.02). The consensus estimate for Alta Equipment Group’s current full-year earnings is $0.10 per share. Northland Capmk also issued estimates for Alta Equipment Group’s Q4 2023 earnings at $0.02 EPS, FY2023 earnings at $0.07 EPS, Q1 2024 earnings at ($0.24) EPS, Q2 2024 earnings at ($0.04) EPS, Q3 2024 earnings at $0.03 EPS, Q4 2024 earnings at $0.07 EPS, FY2024 earnings at ($0.17) EPS and FY2025 earnings at $0.20 EPS.

Alta Equipment Group Price Performance

Alta Equipment Group stock opened at $13.30 on Monday. Alta Equipment Group has a 52-week low of $10.64 and a 52-week high of $20.60. The firm has a fifty day moving average of $15.29 and a 200-day moving average of $15.33. The company has a quick ratio of 0.48, a current ratio of 1.40 and a debt-to-equity ratio of 4.41. The firm has a market capitalization of $430.52 million, a P/E ratio of 88.67 and a beta of 1.58.

Alta Equipment Group (NYSE:ALTG – Get Free Report) last released its quarterly earnings data on Wednesday, August 9th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.07. The company had revenue of $468.40 million for the quarter, compared to the consensus estimate of $462.00 million. Alta Equipment Group had a return on equity of 8.07% and a net margin of 0.45%.

Institutional Investors Weigh In On Alta Equipment Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Advisor Group Holdings Inc. boosted its position in Alta Equipment Group by 280.0% during the 1st quarter. Advisor Group Holdings Inc. now owns 7,109 shares of the company’s stock valued at $88,000 after purchasing an additional 5,238 shares during the period. American Century Companies Inc. acquired a new position in Alta Equipment Group during the 1st quarter valued at approximately $147,000. MetLife Investment Management LLC boosted its position in Alta Equipment Group by 54.9% during the 1st quarter. MetLife Investment Management LLC now owns 10,902 shares of the company’s stock valued at $135,000 after purchasing an additional 3,862 shares during the period. Dimensional Fund Advisors LP boosted its position in Alta Equipment Group by 50.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 180,799 shares of the company’s stock valued at $2,235,000 after purchasing an additional 60,253 shares during the period. Finally, Ancora Advisors LLC lifted its position in Alta Equipment Group by 54.7% in the 1st quarter. Ancora Advisors LLC now owns 101,581 shares of the company’s stock valued at $1,321,000 after purchasing an additional 35,905 shares during the last quarter. 70.94% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Alta Equipment Group

In other news, major shareholder B. Riley Financial, Inc. sold 2,200,000 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $16.25, for a total transaction of $35,750,000.00. Following the completion of the sale, the insider now owns 2,779,629 shares of the company’s stock, valued at $45,168,971.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Ryan Greenawalt purchased 10,000 shares of Alta Equipment Group stock in a transaction dated Monday, August 14th. The shares were acquired at an average price of $14.37 per share, with a total value of $143,700.00. Following the completion of the transaction, the insider now owns 86,208 shares of the company’s stock, valued at approximately $1,238,808.96. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder B. Riley Financial, Inc. sold 2,200,000 shares of the stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $16.25, for a total transaction of $35,750,000.00. Following the transaction, the insider now directly owns 2,779,629 shares in the company, valued at approximately $45,168,971.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 22,000 shares of company stock valued at $313,690. 20.90% of the stock is currently owned by insiders.

Alta Equipment Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th were given a dividend of $0.057 per share. This represents a $0.23 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date was Monday, August 14th. Alta Equipment Group’s payout ratio is 153.33%.

About Alta Equipment Group

(Get Free Report)

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates in two segments, Material Handling and Construction Equipment. The company operates a branch network that sells, rents, and provides parts and service support for various categories of specialized equipment, including lift trucks and aerial work platforms, earthmoving equipment, environmental processing equipment, and other material handling and construction equipment.